“Today’s ONS figures clearly demonstrate that fraud is now one of the most common forms of crime in the UK, with the new fraud and computer misuse offence data revealing there were 3.4 million instances of fraud alone in England and Wales in the year ending March 2017.

“Whilst our own research shows over half of UK organisations are now taking stronger steps to prevent incidences of fraud, more companies should consider adopting a multi-layered strategy for fraud prevention by leveraging the wave of new technologies that provide security against different fraud attacks. Investing in these new technologies is becoming increasingly affordable by using a single API platform approach which removes significant cost associated to multiple supplier management, implementation and upgrade of individual solutions whilst increasing customer authentication rates and reducing fraud.

“Additionally, with Brexit negotiations ongoing, our research shows that nearly a third of UK organisations are worried about Brexit making fraud more difficult to tackle. As issues like identity fraud and money laundering become even more prevalent, businesses need to elevate discussions around fraud to the boardroom and take action.”